Tag: #webuyhouses

  • 4 Challenges Widows Face in Keeping a House

    Women continue to outlive men in our society. Faced with less income, some widows move to more manageable housing situations but decide to keep the house and rent it out as a source of monthly income. But is this a good decision?

    This post reviews the challenges widows face in keeping a house and why a decision to sell the house makes better sense.

    1. It’s Expensive

    Just getting a property ready to rent can be an expensive proposition. Everything needs to be in working order, cleaned, and freshly painted at a minimum. Other items needing attention may require a greater investment. Services like landscaping need to be considered if the property is to hold its value (don’t expect the tenants to keep it in the shape you expect). Marketing the property, running ads, and running background checks on applicants all cost money. In short, the initial outlay of capital can be great.

    2. It Requires Cash Flow

    The landlord business requires a good, steady stream of expendable cash flow. Keeping up with the costs of repairs and maintenance can be expensive. Then, there are the problems of abusive tenants, unauthorized pets, long-term guests, and other factors that add to wear and tear greater than might be expected.

    In cases involving serious property damage, repairs and renovations can be quite expensive.

    All the above costs continue to add up, resulting in far less monthly income than previously anticipated. The fact is that most rentals make money when they sell; profiting on a month-to-month basis is a rare luxury.

    3. It’s Hard to Do

    Rentals demand a lot of time and effort from landlords. For example, tenants consider household chores like fixing a light switch of a leaky faucet that homeowners take for granted as the responsibility of the landlord. Without a man around the house, who is going to take care of these tasks? More than likely, a widow is going to have to rely on the services of a handyman, and that just adds to the expenses already discussed above.

    Other areas such as advertising the rental, screening tenants, and showing the property require time. Alternatively, one can hire the services of a management firm, but that cuts into overall profits, too.

    4. The Income is Not Always Reliable

    Few landlords are fortunate to have long-term tenants. Turnover in the rental market is frequent. Each time occupants leave, there is a period of a vacancy during which no income is realized, and added funds are spent to prepare the house for the next renter. Idle rentals can deplete needed landlord cash flow in a hurry.

    Rather than face the above challenges and take the added financial risks, a widow may be better served financially by selling the house. The income from the home’s equity could be invested in an instrument like an annuity which could make up for less monthly income in a stable and no-risk manner.

    Selling the home for cash is a good way to avoid costs associated with preparing the property for the market—repairs, renovations, and the like—real estate fees and commissions. A cash house sale can take place very quickly, freeing up equity and adding to increased monthly income now when it is needed.

    Do you think a widow should try to keep a house as a rental?

    Do you have a piece of property (house, lot, or land) you’d like to sell fast?  Fill out our Sell Fast Form and get a cash offer within one hour of us viewing the property. 

  • 3 Smart Moves Before Selling a House You Didn’t Plan on Owning

    1. Assess the Value

    The first step in deciding what to do with the property is gaining an understanding of the house’s worth. There are a number of free online sites where you can get some ballpark estimates that, while they won’t be that exacting for a single piece of property, will at least get you started.  Sites like Zillow.com, Trulia.com and Realestate.com all include property value estimators. Simply enter the property address to see an estimated selling price.

    2. Get a Professional Appraisal

    If you’ve done your homework outlined in the first step, then you have a fairly good sense of the property’s worth. To get a more accurate picture, a professional appraisal will yield a comprehensive report specific to the house that will give you a better idea of its market value.

    3. Analyze Potential Options

    Armed with a good sense of the home selling worth and a better understanding of the local area, its time to crunch some numbers. This step, too frequently overlooked, can be critical to helping you understand the best course of action. Take a hard look at your option from the following perspectives.

    a) Rental options. Make sure you factor in all the costs associated with renting. These will include your costs of repair and renovation, marketing, property taxes, ongoing maintenance, projected income loss when vacant, conditions that may impact the market value, etc. These factors are very important to understanding your cash flow needs as a landlord and whether or not renting is a good financial decision.

    b) List it with a realtor. Selling can certainly help you avoid ongoing issues and potential headaches associated with being a landlord, but it still may require some upfront hard-dollar investment to get the property in market-ready condition. Evaluate not only these costs, but also the time the house won’t be on the market and whether market conditions point to rising or declining value. Time is money and timing is everything. Factor in the fact that selling through a realtor doesn’t come without costs. Consider commissions and other fees that will take a bite out of your profits when you sell the house.

    c. Sell the house for cash. A hassle-free option that can be done fast, selling the house for cash, can eliminate the need to spend any out-of-pocket money, commissions and fees. You can sell the house in “as is” condition cleanly and quickly, pocket the profits and be on your way.

    To determine the best course of action with an extra house, do your homework, understand the value and the costs and profits involved with each option.

    How do you evaluate options when it comes to real estate?

    Do you have a piece of property (house, lot, or land) you’d like to sell fast?  Fill out our Sell Fast Form and get a cash offer within one hour of us viewing the property. 

  • Downsizing is an Investment in You: Sell My Home Fast

    Have you considered what downsizing can mean to your financial freedom?

    Downsizing, typically associated with retirees, can help people at any age. In this post, we discuss ways people from all walks of life are breaking out of the grind by selling a home fast and using downsizing to their advantage.

    Limitations of a Big House

    American’s infatuation with bigger is better may have run its course in the real estate market, and for good reason. Mortgages are high. Property taxes are high. Maintenance costs are high. Mortgage refinancing regulations are more stringent. The bottom line is, if you can live with a little less, your financial obligations can decrease and your future can look a lot brighter.

    Paying Off Debt

    The economy left a lot of folks with more debt than they ever imagined possible. The high interest rates associated with credit card debt make the thought of eventually paying off big debts almost unimaginable. Selling a home fast allows you to liquidate, pay down that unmanageable debt and start seeing the light at the end of the tunnel.

    Investing in the Future

    Anyone who has taken a good hard look at the employment picture over the past 10 years knows that the prospects of getting ahead a grim. Wages have stagnated. Good paying jobs are rare. People are working for less money. Many are underemployed, trying to get by with part-time work.

    One big advantage of downsizing is that by reducing monthly financial obligations, pursuing alternatives for education and skills improvement and becoming more marketable in employers’ eyes can become affordable and realistic.

    Establishing a Realistic Retirement Plan

    Retirement futures aren’t looking bright these days. The economy wiped out 10—12 years of retirement funds that seemingly can’t be replaced. Older workers fortunate enough to have a job can’t afford to stop working. Others, without jobs, are concerned they won’t have enough invested to last a lifetime.

    Younger workers can’t make enough to contribute fully to a retirement account or put money aside for savings.

    Downsizing is enabling people to plan for and enjoy their retirement years. The extra cash makes saving and retirement contributions realistic and adds to monthly case flow for an improved lifestyle.

    Downsizing today isn’t just for the elderly. Folks are making smart decisions by downsizing and finding the means for career advancement, better retirement planning and living debt free.

    By selling a home fast and downsizing, you can take advantage of one or more of these lifestyle enhancing ways to improve your financial situation.

    Can downsizing help you?

    Do you have a piece of property (house, lot, or land) you’d like to sell fast?  Fill out our Sell Fast Form and get a cash offer within one hour of us viewing the property.